Universal Bioenergy Announces Increase in Authorized Shares of Common Stock
May 19 2011 - 9:30AM
Universal Bioenergy Inc. (Pink Sheets:UBRG), a natural and
alternative energy company, announced that as part of its plans for
expansion, it amended its Articles of Incorporation and increased
the Company's authorized shares of common stock from 200,000,000 to
1,000,000,000 shares.
On May 9, 2011, the Company filed a Certificate of Amendment to
the Company's Articles of Incorporation with the Nevada Secretary
of State. The amendment was approved by a Written Consent of the
majority of the voting shareholders, and the Written Consent of the
Board of Directors on June 18, 2010. The information regarding the
Amendment was fully disclosed in the Company's Form 10Q Reports
that were filed for the periods ending June 30, 2010 and September
30, 2010. A complete copy of the Amendment can be read in the
Form 8K filed with the SEC on May 19, 2011.
Vince M. Guest, Universal's President, says, "This is a
long-term strategic move that we planned last year to expand the
Company and benefit our shareholders. Some shareholders may
view this action as a potential for dilution and a devaluation of
their shares, however we believe there are many valuable benefits
to our shareholders. The Board of Directors has no plans to issue
all of these shares to the public. The shares will remain within
the corporate treasury until we need to use them. Furthermore, the
Board does not intend to use them for a reverse stock
split."
Solomon Ali, Universal's Senior Vice President, states, "We
believe our shareholders could receive many benefits starting
with an increase in the stock price, more revenues,
earnings, greater market valuation of the Company, millions of
dollars in assets and more liquidity. We feel we have the
potential to achieve sales of over $173 million this year and it
will take a great deal of capital to reach those
objectives. This action will enable us grow and expand very
quickly through some potentially large mergers and acquisitions
that we have been working on for some time, therefore we need
to have the shares available to us now and the flexibility to meet
those goals. The Company plans to use those shares for acquisitions
and needs to be able to respond very quickly to these business
opportunities as they become available in the marketplace. Some of
these near term projects include the further development
of the North Premont field in Texas with Progas Energy,
the acquisition of some other very large oil and gas fields,
and acquiring interests in gathering and transport pipelines. Some
of the acquisition targets are in the $10 to $25 million range and
should bring significant profits and asset value to the Company.
The shares may also be used for building strategic relationships
with other major companies, expanding our product lines and the
acquisition of alternative energy patents and technologies. We also
anticipate having the approval to be listed on the Frankfort Stock
Exchange soon."
About The Company
Universal Bioenergy Inc. is an alternative energy company, and
intends to create and market natural and alternative energy sources
including natural gas, petroleum, solar, biofuels, wind, synthetic
fuels and related energy technology products. It plans to build the
company into a prominent player in alternative energy.
The Universal Bioenergy Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6784 Safe
Harbor Statement - There are matters discussed in this
media information that are forward looking statements within the
meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. Such statements are only
forecasts and actual events or results may differ materially from
those discussed. For a discussion of important factors which could
cause actual results to differ from the forward looking statements,
refer to Universal Bioenergy Inc.'s most recent annual report and
accounts and other SEC filings. The company undertakes no
obligation to update publicly, or revise, forward looking
statements, whether as a result of new information, future events
or otherwise, except to the extent legally required.
CONTACT: Media Relations
Solomon Ali
704-837-5705